"Forced" by UN officials to donate 2% to solve global hunger and pay more taxes! Musk: My "tax rate" is 56%

Recently, Musk, who became the world's richest man, has also been on the Internet hot search for days. The reason is that he is too rich, is called for donations, and has to pay a "billionaire exclusive tax".

Some time ago, David Beasley, executive director of the United Nations World Food Programme (WFP), said that if the super-rich donated $6 billion, they could help 42 million people, and if these victims did not get help, they would really die, which would be very heart-wrenching.

Elon Musk's net worth increased by $6 billion in the most recent day, meaning that 2% of his net capital can solve the problem of world hunger.

On Nov. 1, Musk responded on social networking sites to a request for donations by U.N. officials, saying he would sell his shares immediately if the U.N.'s World Food Programme (WFP) could explain in detail how to use $6 billion to tackle global hunger.

Interestingly, some netizens statistics said that the World Food Programme actually raised $8.4 billion in 2020, but it still has not solved the problem of world hunger.

In addition, last week, U.S. Senate Democrat Ron Wyden will propose a new tax increase plan that may increase taxes on about 700 billion rich people with more than $1 billion in wealth or $100 million in annual incomes for three consecutive years.

Among them, for assets that can be traded, such as stocks, the rich are required to pay a capital gains tax of 23.8% per year for the part of the appreciation after deducting losses. They can offset future taxable income and capital gains by deferring losses, which in certain cases can be traced back three years.

Previously, stock holders were only required to pay capital gains tax when selling shares.

For the "billionaire income tax", Musk responded on social networking sites, "Even if all billionaires are taxed at 100%, it is a drop in the bucket for the overall debt size." It is clear that the remaining shortfall will be borne by the general public. This is the most basic mathematics. ”

At the same time, Musk previously said in an interview that he did not receive a fraction of a salary as a Tesla CEO, and the cash compensation was basically zero. This means that he has basically avoided income tax.

However, Musk said that he owns shares that Tesla has viable rights to, and the top tax rate on the shares he is forced to sell before the options expire is 53%, which is expected to rise to 57% next year.

There are a lot of options expiring at the beginning of next year, so there will be a lot of stocks to be sold in the fourth quarter. "Basically, most of the shares I sell are for tax purposes."

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